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    Daily Digest 5/15 – Social Security Is Dead Broke, Mounting Corporate Debt Could Cripple Stocks

    by Daily Digest

    Wednesday, May 15, 2019, 8:49 AM


Economy

Blue Cross (15.6%) and MVP (9.4%) request rate hikes (Vermont) (Saxplayer00o1)

BCBSVT is basing its rate hike largely on utilization and pharmaceutical costs, with changes in tax law also adding upward pressure on rates. They also found that the 2019 rates underestimated utilization, which, looking back on 2018 rates, would have added another 4 percent to the 2019 rates.

Kentucky Retirement Systems asked to reconsider math that made pension costs skyrocket (Saxplayer00o1)

Farris said Kentucky’s assumption for the main state government plan is lowest because it is also the worst-funded plan in America, reporting $13.7 billion in unfunded liabilities and having just 12.9% of assets on hand to cover known future benefits.


Seattle workers pension plan is short by $1.2 billion
(Saxplayer00o1)

It’s been estimated that state and local governments have $4 trillion – $5 trillion in unfunded pension liabilities.E

Italian yields spike higher on Salvini threat, lacklustre debt auction

“If we need to break some limits, like the 3% (deficit-to-GDP ratio) or 130-140% (debt-to-GDP ratio), we’re ready to go ahead. Until we arrive at 5% unemployment, we will spend everything that we should, and if someone in Brussels complains, that won’t be our concern,” he told reporters.

Lawmaker: ‘No Major Shift’ on Illinois’ Pensions Expected (Saxplayer00o1)

State public employee pensions carry an estimated $136 billion in unfunded liabilities, a major driver for Illinois poor credit rating. Pensions also consume nearly a quarter of every dollar the state brings in. The share of state funds devoted to pensions is expected to grow in future years, potentially crowding out core government services.

Report: New Jersey college students leaving state for lower-cost education (Saxplayer00o1)

New Jersey is considered to be a “high student debt state,” with the Class of 2017 graduating with an average $32,247 of student debt.

Social Security is dead broke. Why isn’t anybody talking about it? (Saxplayer00o1)

Social Security’s annual Trustees Report came out recently, and it showed Social Security ran a gigantic $9 trillion deficit between last year and this. The system’s long-term unfunded liability is now $43 trillion, up from $34 trillion last year.
Funny, nobody noticed.

Canadian Bankruptcies Jump At Fastest Pace Since Financial Crisis (Saxplayer00o1)

Bazian cited research showing roughly half of Canadians don’t believe they would be able to cover their expenses if they came up just $200 short in a given month. Much of the pressure comes from debt payments, which are eating up a near-record share of Canadians’ incomes, at 14.9 per cent.

Household debt rose to yet another record high at the end of 2018, according to Statistics Canada, reaching $1.79 in debt for every dollar of disposable income.

Experts: Mounting Corporate Debt Could Cripple Stocks (Saxplayer00o1)

U.S. corporate debt is rising in comparison to gross domestic product (GDP) and is at a record high. This heavy debt load worries many investors and is just one more thing to fret over about on top of the brewing trade war with China.

Expect The Announcement (thc0655)

The public will be expected to absorb the losses of the elite. You can count on it. Here is how it will play out. The stock market will accelerate to the downside. As the slide begins, every effort will be made to force it back up. When key stocks are hit, others will get organized support to minimize the effect on the averages. Central banks are heavy into what we can call anointed stocks. Central banks buying stocks really is top down socialism and nothing more. Central banks are likely to buy more of their mistakes in order to avoid looking foolish.

Police Investigators Determined Officer Choked Eric Garner (newsbuoy)

The department’s internal prosecution unit never filed charges. The current charges, of reckless use of a chokehold and intentional restriction of breathing, were brought by an independent police watchdog agency, the Civilian Complaint Review Board.

The hearing centers on the question of whether Officer Pantaleo used a banned chokehold or a different takedown technique taught in the Police Academy, and whether his actions were justified.

Guaido blasts Venezuela regime after security forces block congress (Sparky1)

He tried to incite an uprising against Maduro on April 30 but only around 30 members of the armed forces joined him, and the revolt quickly petered out. It did however spark two days of deadly clashes between protesters and security forces.

Since then, the Maduro regime has ramped up pressure on Guaido’s allies and supporters.

Surviving Venezuela (Sparky1)

Never-ending queues in supermarkets to buy a liter of oil, corn flour or toilet paper greeted me upon arrival. That and the feeling of constant fear that I’d be stalked by a guy on a motorbike who would point a gun at me to steal my cell phone.

Ohio town worries about safety after radioactive contamination is found at middle school (Sparky1)

In the past five years, five students in the nearby Scioto Valley Local School District have been diagnosed with cancer; three of them have died, Chandler said. Her cousin, Luke, who grew up near the facility, died years ago of leukemia. She wonders whether it is a cancer cluster.

Gold & Silver

Click to read the PM Daily Market Commentary: 5/14/19

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

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